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The Willis Report

News/Business. Host Gerri Willis. New.

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TOPIC FREQUENCY

Detroit 11, Washington 7, Michigan 6, Us 5, Apple 4, New York City 4, Oklahoma 4, Obama 3, Wright 2, John Boehner 2, The City 2, Cuomo 2, Nexium 2, Humana 2, City 2, Columbus 2, Ohio 2, Harry Reid 2, Manhattan 2, Icole 1,
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  FOX Business    The Willis Report    News/Business. Host  
   Gerri Willis. New.  

    December 5, 2012
    6:00 - 7:00pm EST  

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>> there are two approaches to crime. there is the novel that says masterminds and criminals are brilliant, and then there is another author that says these criminals are stupid. this woman proves the stupid approach. >> i don't know what those authors are, but wow. the one that is all the "money" that we have for you. we found dennis kneale. "the willis report" is coming up next. gerri: tonight, the most outrageous ways that congress spends their money. wait until you hear what we have to say. welcome to "the willis report."
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hello, everybody. i am gerri willis. another bailout from president obama. that is what some in detroit say they deserve for helping reelect their commander-in-chief. the city on the brink of financial collapse and will soon lay off thousands of city workers to pay off bills. the total outstanding debt is more than a billion dollars. that is according to moody's investor services. joann watson, city councilmember, her comments are sparking controversy. she claims the president owes the city another bailout because they voted them into office. >> he went to washington dc and he came back home with some bacon. that is what you do. that is what you do. are people overwhelmingly supported him in the election.
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not just that, but why not? gerri: quid pro quo, bring home the bacon. very controversial. we are going to have one out in just a moment. but first, it could be a day of reckoning lawmakers in michigan considering changing the status to a right to work state, giving workers the freedom to opt out of paying union dues. we have the labor policy director for the mackinac center for labor policy. tell me what it is you're trying to do with this legislation. >> there are rumors that michigan can become the 24th rights work state in the nation. he gives workers the ability to choose whether or not to pay a union and without rights or protections, they can actually get the worker fired in a union if they choose not to gerri: i understand there are
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some five groups of unions to protest what you're trying to do. what you make of that? >> they are protesting what they think may be an imminent right to work bill introduced in michigan's capital in lansing. gerri: lets get what we always talk about on the show. that is the money. what difference will wright's work state make the people of michigan? how would it be different? this is a state that has been struggling for some time now. >> it has been struggling. it has been some of the worst in the nation. just looking at the statistics, the right to work states have bigger work and wage growth and
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if you count the cost of living, workers are making wright's work states and they are more attractive to business. cnbc just release this top states for business 2012. nine out of the top 10 states were writes work. it really helps the economy. gerri: or something surprising here. we have a comparison, brightwork state versus nonwhite work state. we just showed weight increases by higher then any nonwhite work state. how is that possible? >> what it does is a big open for business sign to attract businesses to the state. lawmakers in the state are putting workers and job creators about special interests. and they know that they won't have to -- that the politicians
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won't be putting anyone else ahead of the jobs. gerri: job growth shrinking in the united states. it really does involve michigan. it's what happened with detroit auto workers. their jobs shrinking. they're definitely on the decline. other workers in the south. and there is a clear case study of the power of the work states -- the right to work states. not for those who employ people come up before the workers. >> that is right. the auto industry -- the american auto industry is actually coming back. but it's coming back in the right to work states where we have the very stringent right to work state. all the auto workers are making more than the uaw workers.
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especially those second-tier lower paid autoworkers. >> i know it's very controversial. and union members in particular are pushing back against it, saying it should be our freedom and organize if we want to. how do you respond when? >> they still have the right to organize. the brightwork does not do anything to collective-bargaining except for taking the union's ability to get a worker fired. they can still bargain over wages and hours and working conditions. right to work does not ban unions. it makes them stronger because now the union has to be accountable to their members and cannot take them for granted. gerri: i am sure many union members agree with you. we need some control and level
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playing field for workers. thank you for coming on. if you get some kind of movement on that night, please let us know. we would love to report it. thank you for coming on and showing us these numbers. it's just amazing. thank you. joining me now, is jerry brown. welcome to the show. it is great to have you. we played this very controversial soundbite from this woman who said it should be quid pro quo for detroit. do you agree? >> no, i do not agree. i can look out my window and see general motors and see what happened with the bankruptcy when the federal government got involved. the cfo lost their jobs from the board of directors lost their jobs, and there are restrictions to the money coming in. so the federal government.
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the city of detroit knows what the problems are. the question is do we have the political will to make the difficult decision. gerri: that is where i want to go next. the track record here -- the track record here is not good. we have years of overspending. it is incredibly embarrassing stories, the previous mayor usinggan airplane at his own leisure to do personal travel. we have just a terrible financial track record. per capita income at 25,000 below the u.s. average. detroit employment is 18%, almost 19%. does the city council -- does the city management have it under control? have you guys just lost control? >> we certainly have it lost control. we have it under control. but we have our issues. but we are not falling off into
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the detroit river. the community is doing well. the business community, the corporate community and the city of detroit. we don't have any vacancies for new young people that are trying to move into the downtown area. certainly municipal governance is broken. we have to become a better partner with our business community to fix some of the ills of detroit. but we know what the solutions are. we know what the problems are. we have, as political leaders, the political will to make the tough decisions to write the financial ship and become a better partner to help the corporate business community of detroit. gerri: if you are doing such a good job, why have you lost 25% of your population over the past decade? i will repeat that because i know you have technical issues. but we couldn't help but notice in researching the story that the city has lost 25% of its population. i have been there not that long ago. lots of people leaving.
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just can't seem to get the economy going. lots of efforts and a ton of help from the state of chicken. why can't you get this back on track? >> like every urban area in the country, we are suffering in the foreclosure. we live and die by property taxes and sales taxes and they are all coming in shorter than anticipated. basically because the property values in detroit. it is starting to pick up in michigan. we just need a little bit more time in order to get our financial house in order. in order to grow our economy. gerri: i have heard that before. we need more time to get our fiscal house in order. wouldn't it make more sense? i know that you are probably playing all kinds of different
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groups. all kinds of different political groups who want to have their voice heard. wouldn't it make more sense to come in and have the state on this thing -- the thing that we will fix this thing and get it done. >> unfortunately, they can't unilaterally change them. so the financial emergency manager coming into detroit, setting us back a year. we just need to have the political will make these decisions and get it done. we have the political will to get it done. i don't want to sound like a broken record, but it is as simple as that. an emergency manager can do anymore than what we are doing right now with the tools that would be available to them. gerri: what was the first that they think you need to take?
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>> i don't know what. gerri: what is the single most important thing to fix the situation if you could? >> people are not moving into the city and they are leaving the city because it is not perceived to be this way. you will have a way to educate kids. third, we have to be able to deliver an adequate level of services for taxpayers and taxes paid. so that we can create an environment for businesses to create jobs. gerri: long-term talks about
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this. a long way to go. i wish would come he would come back and maybe we will have a conversation. i really appreciate your coming on the show, thank you so much and i think you for having me. gerri: now we want to know what you think. banda gerriwillis.com, vote on the right-hand side of the screen. we have lots more in the show. twenty-six days until we fall off the fiscal cliff. is that what democrats want us to do? pictures seem so. we go live to capitol hill in 10 minutes. while congress talked about wanting to cut excess spending, the numbers may tell a different story. i will break it down coming up next.
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ally bank. why they have a raise your rate cd tonight our guest, thomas sargent. nobel laureate in econocs, and one of the most cited economists in the world. professor sargent, can you tell me what cd rates will be in two years? no. if he can't, no one can. that's why ally has a raise ur rate cd. ally bank. your money needs an ally.
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gerri: where would we be without senator tom coburn? without the oklahoma taxpayer dollars? this fellow brought us this image. your member this? the shrimp on on the treadmill. does anyone have? @%e national science foundation studying the effects on disease. they decided to do this, and they spend 500,000 taxpayer dollars doing this study. if you can get scientists to waste money, the senator is back with another study. this time uncovering waste of the department of homeland security. and there was plenty of it. first, zombies apocalypse training. i know, crazy. part of our homeland response.
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they were betrayed by actors who were gunned down by a military unit. training occurred at a weeklong conference held at turner's point resort and spa. the cost worth the bargain of a thousand dollars. now we know how to protect ourselves from zombies. then there is columbus, ohio. an underwater robot. christ had a $98,000. the robot has a camera that provides a video this way to a vehicle on shore. i but i have to tell you that i don't know why, because columbus, ohio, the capital of ohio is wehrmacht. great lakes are up here. officials declared emergency because of grant deadlines.
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not to be outdone, seattle and a remote control helicopter. not really an issue of national security, but there you have it. $41,000 for each one helicopter. by the way, one more thing. take a look at the cover of tom coburn's report. it's fantasy. how much you think you can't? crazy. okay, that's what taxpayer dollars can do. i could have done a lot more with a half-million dollars. >> coming up on "the willis report", obama and the house republicans not letting on their fiscal cliff stands.
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the fiscal cliff symbolizes time over tragedy. it will soon be a loss for many new york city commuters. but the tablet top your christmas wish list? we have the best of the best on "the willis report" coming up next can i help you?
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i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out. you know we've been open all night. is is trick to t my spot? [ male announcer break from the holiday stress. save on ground shipping at fedex office. heartburn symptoms causedelieve by acid reflux disease.y stress. osteoporosis-related bone fractures and low magnesium levels have been seen with nexium. possible side effects include headache, diarrhea, and abdominal pain. other serious stomach condions may still exist. talk to your doctor about nexium.
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i have obligations. cute obligations, but obligatio.ming. i need to rethink th core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for e heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. before iesting. read and consider it carefully risk includes possible lossf principal. gerri: is the writing on the rall for the fiscal cliff
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gerri: we are dangling over the
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fiscal cliff. but washington is at a standstill. although the president is refusing to sit down with republicans, he did talk to speaker john boehner this afternoon, and the white house is talking to federal agencies, warning them to get ready to go over the cliff. with more on this, congressman tom mcclintock of california. a member of the budget committee. if you for joining us today. you know, we heard about this telephone call between speaker boehner and the president. you think anything will come of that? >> the president has been very clear. he is hell-bent to raise taxes massively on those very wealthy folks made making over $250,000. bearer 80% of small businesses, in and exactly the time when we are depending on them to create two thirds of the new jobs in our country desperately needs.
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gerri: the republicans are in the way of a settlement. i want to hear what he said today. here is the president. >> we can probably solve this in a week. it is not that tough. but we need that conceptual breakthrough that says that we need to do a balanced plan. but that is what is best for the economy. that is what the american people voted for and how we will get it on. gerri: what do you make of that? >> if the president gets his way and tax increases go into effect for all the small businesses, according to the congressional budget office, we lose about 200,000 jobs. according to ernst & young, it could be close to 700,000 american families thrown into unemployment. so there has to be a resolution to this impasse, otherwise, i think we may be looking back on these times as the good old days
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gerri: i started the interview by asking about the telephone exchange between the president and the speaker of the house. and i ask you whether you thought it would make any difference. you didn't really answer the question. but it's interesting that eric cantor call on the president today for another sitdown meeting, face-to-face. here is eric cantor. >> we want to sit down with the president. we want to talk specifics. we put enough on the table now. nothing is going on, meanwhile come the people of the country are the ones that suffer. gerri: i think he makes a good point. when can we sit down and have a conversation about how to solve the problem? >> to answer your question, there has to be action because the alternative is unthinkable. those negotiations are going on right now, i am not privy to
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them. but it is clear to me that an impasse that raises everyone's taxes for the president's approach the cost is between 200 and 700,000 american jobs something that cannot be done. gerri: congressman, thank you for coming on tonight. we appreciate your time. >> my pleasure. gerri: coming up, republicans ask for another sitdown with the president and a handful of governors got the chance. oklahoma's mary fallin and the responses she got next when we got marrd.
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i had three kids. and she became the full time mother of three. it was soccer, and ballet, and cheerleading, and baseball. those years were crazy. so, as we go into this next phase, you know, a big part of it for us is that there isn't anything on the schedule. gerri: the federal government is trying to get our fiscal house in order. the states have a warning. do not ship the spending of our shoulders. that is exactly the message six
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of them delivered yesterday when they visited the white house on capitol hill, including republican governor mary fallin of oklahoma. i sat down with her earlier today and asked her if she got the response she was looking for a. >> we did meet with the president. the vice president. we had a meeting with harry reid and speaker john boehner. the executive board message was as you are dealing with tough decisions that have to be made, to make sure that we don't over the fiscal cliff, don't shift the burden downward. we understand that there is a shared sacrifice. we ask for flexibility when it comes to programs that are funded by the federal government and federal monies. we need flex ability to be able to determine what is in the best interest of our state. how we can best serve the population. gerri: the truth is the states
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only have so much flex ability because you have to meet your budget. the federal government doesn't. but i want to show who is in washington. it was scott walker, gary herbert, mark dayton, jack markell. all the leadership of the governors association. what kind of response did you get? we are not passing anything onto you guys. >> the president was very cordial and respectful to the governors. and we believe that we have a stake in this process, and he felt like we could offer some ideas of ways that we could help with savings and efficiencies and state government and federal government also. but he also said that they would have to meet his goals and ideas. leader harry reid, he was more concerned that they were going to be able to reach some kind of an agreement avoid going off the
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fiscal cliff. gerri: how concerned are you? what would it mean if we read right over the edge? you believe that there will be some agreements by decembee 31? >> it is hard to tell. the house, the senate, the republicans, it's very tough negotiitions up there. i will tell you that i did meet with my finance officer this morning. my budget director. we talked about comparing my state budget. we have to make our decisions within the next month. the state of oklahoma, it will cost to $700 million in so many things. if we got the fiscal cliff.
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gerri: with the defense cuts come if we do over the cliff, it will cost $100 million or over that? >> 137 million. gerri: would this put you into the red? >> it certainly could. we are still looking at obama's health care plan and what it will do to the state budget. the federal strings are tied. i asked the president about this. the federal funds that come down to the state as you may cuts -- we can still have the strength attached to it. it doesn't give leeway to meet your unique circumstances in our state. we are all different. different budgets, different employment rates, different constitutions, different laws. different styles of living and means within our budget.
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give us some flexibility. gerri: i expect you to be a little bit more upbeat about the fiscal cliff, but i have to tell you, you sound like a lot of people in washington today. concerns over whether these leaders can get together and find common ground and resolve this issue. it would be meaningful to stay like yours. governor, thank you so much for coming on. >> thank you, gerri. gerri: it's not just politicians and ceos are worried about the fiscal cliff. even baseball players are worried. this man just signed a contract with the atlanta braves. this is something that the mbl rarely does. if upton gets paid one day later, he gets paid an
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additional $120,000 in taxes. he is not alone. his former tampa bay teammaae, signed an extension cable next week. who can blame them? it is like a tax revolt all over the place. if washington doesn't act fast, major league owners will be forced to shell out a lot of money. [ oman ] ring. ring. progresso.
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gerri: it is this nation's symbol of strength and unity in the face of tragedy. the rebuilding of one world trade center. the massive building is nearing completion. but it hasn't reached this milestone without major complications. especially for commuters and the city's transportation agency. with more on the government's misuse of 9/11 funds, we have the manhattan institute scholar and "new york post" columnist michael goodwin. welcome to you both. -icole, i'm going to start with you. you just read an article on this, and you have done a ton of research. let's talk about the dollars and cents. how much money as the port authority gone through and how much are they overbudget? >> originally in the first month after 9/11, when the port authority had a first financial where they put out, they said we are not going to have to pay the
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cost of this in rebuilding. and they said that we are going to get all of this money for the federal government. do not worry. ten years later, they had borrowed nearly a billion dollars. after the storm, they thought they were getting all this free money from washington and they didn't spend it very well. >> all right, why is the port authority involved in the first place? are they supposed to run the bridges and tunnels and transportation? i don't get it. >> one of the things about the port authority is it is a bistate agency. new york and new jersey governors run. what they have done is use it as a slush fund, kind of off the books government. voters don't really have any say
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in it. they collect all of their money. the tolls just went up and all of the hudson river crossing the port authority controls. it is now $13 to go across the george washington bridge. these things, they are going to go up five years out of six. so you're going to have this never ending stream. gerri: or $10 gover bridge. >> yes, the lincoln tunnel is the same thing. it is baked into every product that is sold and distributed in new york city. because all the trucks to bring the goods and raise the cost of living for everybody. gerri: we are looking at $19 billion in debt. some 260 million in airport fees, this doesn't even add up. >> the problem is the tolls in
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pairs in the tunnels to get into manhattan. that would be fine if people were paying for better commute. a better tunnel and an upgrade. but they are really paying for all of the debt. this was supposed to cost a little bit more than a billion dollars. it's going to cost $4 billion. you have a quadrupling accost red the cost is over a billion, not close to 4 billion. you see these massive costs. gerri: the payoff for consumers is not that great. there is no extra capacity. here's my question. we have a brand-new office building downtown, can anyone afford a? >> one of the biggest tenants are going to be government
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agencies. they have a guarantee that they would fill up with government agencies. that way it wouldn't fit in be. part of it is the way the port authority port authority runs itself. another point debacle makes in another report about the price that police officers are paid. they earn more than new york city police officers. %-city police officers that are the highest-paid in the region. they are just kind of squandering the money because they are unelectable and sort of off the books. gerri: we just have no control over any of this, and that is what is so frustrating. the cool, i wanted to ask you about the track record. it's not pretty. there is a lot of money wasted. what does that say about the money from superstorm sandy and how will be used? the governors have asked for more money than ever in dealing with the aftermath of the storm or method is the same thing all over again. what governor cuomo is doing is focusing on a big number.
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$42 billion that he wanted from washington. he really has no idea what the damages and how much it will cost to fix the system -- the signal system in the subways. they really won't know anyone have any idea any idea how much it will really need until later. gerri: it is a guessing game. >> exactly. the local and state politicians think of this is free money and they don't spend it well. gerri: i saw the list that andrew cuomo requested and he wanted everything but a pony. [laughter] >> new york city is paying hundreds of dollars per night for empty hotel rooms. it's free money, as michael said. that is the kind of attitude where nobody really watches.
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everybody assumed someone else is going to pay later. but we all pay because the cost of living is reflected in the way government wastes money. gerri: amen. thank you both for coming in. cool and michael, i appreciate your time. it's an important story. still to come, my "two cents more" and tablets topping christmas lists this year. but it's not all about the ipad. a look at all your options coming up next
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gerri: a fox business alert. a terrible day for apple stock. shares of the world's biggest company plummeted more than 6% today after analyst issued warnings about the tech giant. this is the biggest drop since december of 2008 for apple. the researcher saying that it will be under 54% in the tablet computer market next year. apple is still up 36% this year. don't cry for apple yet. it dropped into bear market territory. down 22% on its $705 in september, the all-time high. if you consider buying a tablet this holiday season, maybe for yourself, here with a look at features and prices, we are going to navigate the whole thing for you. editor in chief, this is getting trickier and trickier. okay, step by step. it's very complicated. what are the main things to consider?
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>> what is your budget. >> is a really big range. i have to ask you this question because i am an apple owner. >> okay. that is a tough question. it has gotten a lot harder. the apple ipod, that is it. i still think the apple ipad is just a small level above the other guys in performance. gerri: apple ipad or that ipad mini? >> 7.9 inches. but it is also more expensive
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than any of the other guys. 329 database level. if you value design and the system over everything else, that is going to be her choice. >> the kindle fire, everyone loves it. they like it for all kinds of things. what do they make up a? >> i have spent time not just with the kindle fire. this is actually the amazon kindle fire. one of the reasons i am not always crazy about it is i can't find the buttons on it. but it's a gorgeous looking device. they are both hd. 12902299 for the larger one. if you get a kindle fire hd. but excellent devices are actually android devices. barnes & noble has done
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something interesting. they have their own sort of custom interfaces. >> if somebody likes to carry around a tablet, you can read and listen to music and browse the web and you can do e-mails. it is one of the standout features, it pumps out a good sound. gerri: so this is the barnes & noble nook. here's the thing about this. another android 4.0 device. they have the 7-inch device for this device. we want the prices are coming down. here is the thing.
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they have these profiles, this is really designed for use of the family. if you have a kid, you can set the device to control the content. the kindle fire also has this as well. gerri: okay, just quickly do a the others. >> google nexus seven. it is basically enjoyed all the way. nothing special about the design. this is the best selection of android apps. gerri: how about microsoft surface? >> this is a device that is built for productivity. microsoft designed this microsoft surface tablet. it has a kick stand. it comes with a keyboard. that is something that you could not be do without.
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this is a powerful device. some people say they are going to buy this, but they know they will have to do work on it. [talking over each other] microsoft designed this with productivity in mind. again, this is one of the widest devices on the market. gerri: okay, lance, thank you for coming on. that is a big help to people. maybe we can get some of those full-screen on the website. it really lays out how to make that decision. >> we have a ton of information. [talking over each other] gerri: we will be right back with my "two cents more". and the answer to the question today. does president obama over toward another bailout? male announcer ] how do you trade?
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gerri: city of detroit in dire financial straights. a councilwoman has the solution she says saying president obama owes the city another bailout because, well, more than 75% of residents voted for him last %-do you agree? we asked the question, and 3% said yes. 97% said no. finally, there's one company who thinks the economy is doing a-okay. first, there was the $7 coffee, and now starbucks offering a $450 gift card made of stainless steel and will be available with gold level membership for the rewards program with free drinks on your birthday and free item after 12 purchases. there's 5,000 cards. i want to make fun of the idea, but sales e